Participation from Revolution Growth and Hiro Capital diversify strategic investor base
Funding supports expansion across international organization’s competitive and business endeavors
SANTA MONICA, Calif. and UTRECHT, The Netherlands (May 5, 2022) — International esports organization, Team Liquid – alongside parent company aXiomatic – today announced the close of a $35 million USD growth round led by funds managed by Ares Management. The raise elevates Liquid’s valuation to an estimated $415 million.
This marks Ares’ first investment within the esports vertical. The round includes notable venture capital funds Revolution Growth and Hiro Capital, as well as several existing aXiomatic investors. Furthermore, LionTree served as aXiomatic’s and Team Liquid’s exclusive financial advisor in the transaction.
Founded more than 20 years ago, Team Liquid is now represented across 19 major esports titles, 120+ athletes, two world-class training facilities and multiple enterprise units that specialize in partnership marketing, media production and content creation, influencer management, technology and innovation, and apparel, among other verticals.
Leveraging continued momentum from a banner year of record topline revenue growth, the latest raise will help Team Liquid further advance its fierce competitive efforts and international business operations. Funding will specifically support potential mergers and acquisitions, innovation across fan engagement platforms, partnership offerings and activations, and development and infrastructure in Brazil.
“From competitive excellence to engaging fan touchpoints, Team Liquid has always strived to be the best in everything that we do,” said Team Liquid President and COO Claire Hungate. “This growth round bolsters our ability to build out our business and ensure long term sustainability within this ever-evolving ecosystem.”
“We believe aXiomatic and Team Liquid are the clear global market leaders in the rapidly growing esports sector with a diversified roster of athletes across numerous leagues, an excellent executive team and an experienced investor group,” said Bennett Rosenthal, Co-Founder of Ares and Co-Chair of the Private Equity Group and Kort Schnabel, Partner and Co-Head of Ares U.S. Direct Lending. “We are pleased to be leading this funding round and to participate in the company’s next chapter of growth and development.”
“Team Liquid is one of the most valuable brands in esports – a market that is predicted to grow faster than any traditional sport and a source of entertainment that has become a global phenomenon,” said Ted Leonsis, Founding Partner of Revolution Growth and Co-Executive Chairman of aXiomatic. “The company has unmatched access to one of the hardest-to-reach audiences, young adults, and has already secured impressive sponsorships with endemic and non-endemic brands. Revolution Growth is thrilled to partner with aXiomatic to define the future of competitive gaming.”
“Team Liquid is the sole truly global esports team and also a deep and growing fan engagement platform. Over two decades Team Liquid has successfully combined its top-tier competitive drive with rare business acumen. Hiro Capital is delighted to be supporting Team Liquid and aXiomatic on their quest for ever more titles and trophies” said Spike Laurie, Partner at Hiro Capital.
***
Team Liquid Press Contact
Alexis Boerger, The Story Mob
aboerger@thestorymob.com
About Team Liquid
Team Liquid was founded in 2000 in the Netherlands and has evolved into one of the leading international multigame esports teams with training centers in Utrecht, The Netherlands and Santa Monica, California. Team Liquid has over 120 athletes competing across 19 distinct games, including all major esports titles, such as VALORANT, Rocket League, DOTA 2, League of Legends, CS:GO, Fortnite, Rainbow 6: Siege, and more. Led by Co-CEOs Steve Arhancet and Victor Goossens, Team Liquid is one of the most successful esports teams in the Western market in terms of competitive achievement and fan engagement across multiple sports. For more information: https://goo.gl/dSYvHT.
In addition to the premier esports team franchise, Liquid Enterprises operates various business units created to complement its esports athletic brand. This includes influencer management agency Liquid Media, esports wikipedia Liquipedia, and 1UP Studios, the full-service production company known for its high-quality esports documentary style filmmaking, and creative commercial content.
In September 2016, controlling interest in Team Liquid was purchased by esports ownership group, aXiomatic. aXiomatic leadership includes Co-Executive Chairmen Peter Guber, Ted Leonsis, Bruce Karsh and Jeff Vinik who together represent an unparalleled team of sports, technology, entertainment and investment industry titans.
About aXiomatic
Founded in 2015, aXiomatic Gaming is an esports and gaming enabler that provides financial resources and industry expertise to outstanding companies creating new experiences for fans and players alike. We seek out passionate industry leaders and disruptors who share our vision and excitement for the future of the gaming ecosystem.
For more information on aXiomatic and its growing partner portfolio, please visit axiomaticgaming.com
About Ares Management
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2022, Ares Management Corporation’s global platform had approximately $325 billion of assets under management, with approximately 2,100 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
About Revolution Growth
Revolution Growth is a venture capital fund investing in growth-stage companies around the country that are leading disruption within their industry. Led by Steve Case, Ted Leonsis, and Steve Murray, Revolution Growth has a proven strategy of partnering with entrepreneurs to build and scale category-defining companies. Revolution Growth is headquartered in Washington, D.C. and part of Revolution’s family of funds, including Revolution Ventures and the Rise of the Rest Seed Fund. Visit us online at revolution.com/growth or @Revolution.
About Hiro Capital: Investors in the Future
Hiro Capital is a London / Luxembourg technology Venture Capital fund which invests in Games, IP and Metaverse Technologies. Hiro Capital generally invests at Seed through Series A and B stages. We back experienced entrepreneurial teams, building innovative technologies and content with a strongly differentiated proposition and with the scaling opportunity to become very large. We are Games and Metaverse investors who are also Games and Metaverse entrepreneurs. We are entrepreneurs who back entrepreneurs. Our core belief is that Videogames, Metaverse Technologies, Creator Platforms, and Gamified Fitness will be a central pillar of Entertainment, Economic and Social Life in the mid 21st century. We invest in the innovators who are building that future. https://hiro.capital/
